Trafigura publishes 2024 Sustainability Report
(Posted on 19/01/25)
Trafigura Group Pte Ltd. has published its 2024 Sustainability Report, highlighting the Group’s ongoing commitment to responsible business practices and progress towards its environmental, social, and governance (ESG) goals.
Trafigura deploy infrastructure, market expertise and worldwide logistics network to move oil and metals and minerals, petroleum products, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable.
The Group’s tenth annual Sustainability Report details progress during the financial year to 30 September 2024. It highlights continued progress in a number of areas including:
- Investment to further strengthen governance and compliance. This included restructuring and expanding Risk, Credit and Internal Audit teams, updating Compliance policies and an improved internal compliance control framework.
- Reinforced ESG Steering Committee and established cross-functional working groups on topics such as business resilience and climate change to support implementation across the Group.
- Safety remains a key priority, with zero fatalities across the Group’s own operations. Rigorous health, safety and security standards continued to be enhanced and implemented at Group assets and promoted with suppliers.
- Scope 1 and 2 GHG emissions reduced in Group-owned operations by 31 percent against a FY2020 baseline with a mid-term target of a 50 percent reduction in Scope 1 and 2 GHG emissions by FY2032.
- Continued engagement on shipping decarbonisation through the Global Maritime Forum and First Movers Coalition, and implementation of efficiency measures on the Group’s owned and controlled fleet. Contract signed for four Medium Gas Carriers capable of using and carrying low carbon ammonia when delivered in 2028.
- Carbon desk services and reach expanded across global regulatory and voluntary carbon markets, with further investments in carbon removal projects.
- Continued investment into renewable power generation, implemented through Nala Renewables (wind, solar, battery energy storage) and MorGen Energy (green hydrogen). At the end of FY2024, Nala Renewables had c. 500MW in construction and operation, and 1.5GW in its secured pipeline. Morgen Energy continued to focus on its two flagship renewable hydrogen projects in Milford Haven, UK and Esbjerg, Denmark.
- Double materiality assessment underway to align with the EU Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS), with the expectation to report against CSRD in FY2026, based on FY2025 data.
Jeremy Weir, Trafigura Chairman, said: “On 1 January 2025, Richard Holtum took over as CEO of the Trafigura Group and I became non-executive Chairman, after more than a decade as Group CEO and more than seven years as Executive Chair. While there is still much we can improve, I reflect with pride on the company’s achievements in building a more diversified, responsible and sustainable business over this period.
“Fundamentally, our role is to supply the essential energy and raw materials the world relies on today, while also supporting the transition to a lower carbon future – and to do so efficiently, reliably and responsibly. I am confident we will continue to perform our role well in financial year 2025 and I look forward to continuing to oversee Trafigura’s progress in sustainability topics in my capacity as Chairman of the Board and member of the Board ESG Committee.”
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